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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

HMRC publishes long-awaited responses to Making Tax Digital consultations - February 10, 2017
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The Government’s long-awaited responses to six consultations about Making Tax Digital (MTD) which were originally opened in August 2016 were published at the end of January. Despite ongoing criticisms regarding the proposed short MTD timescale, HM Revenue & Customs (HMRC) confirmed that the project will not be delayed. This means that mandatory quarterly digital reporting … Continue reading HMRC publishes long-awaited responses to Making Tax Digital consultations


Small businesses used to plug tax gap - February 10, 2017
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HM Revenue & Customs (HMRC) has been accused of using small and medium-sized businesses to plug the UK’s tax gap, following a report which showed an additional £468 million was generated in tax revenue by SMEs in 2016. The figure, obtained via a Freedom of Information Request, follows on from HMRC’s announcement at the end … Continue reading Small businesses used to plug tax gap


Do you know the rules on claiming capital allowances on cars? - February 10, 2017
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If you buy and use cars in your business, you can claim capital allowances on their value, allowing you to deduct part of the value from your pre-tax profits using writing down allowances. The amount that you can deduct depends of the CO2 emissions of the car, whether it is new or second hand, when … Continue reading Do you know the rules on claiming capital allowances on cars?


Don’t miss out on grandparents’ pension boost - February 10, 2017
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A request under the Freedom of Information Act has revealed that just 1,300 people have claimed National Insurance (NI) credits, which can help them ensure their entitlement to the full state pension when they reach retirement age, if they have left employment to care for grandchildren or other relatives under the age of 12. With … Continue reading Don’t miss out on grandparents’ pension boost


IHT: Don’t forget to transfer any unused nil rate band - January 23, 2017
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The rules around inheritance tax (IHT) allow spouses or civil partners to transfer any unused nil rate band to the surviving spouse or civil partner, following his or her death. This means that a person’s estate can benefit from twice the nil rate band that would normally apply. However, in order to benefit from this … Continue reading IHT: Don’t forget to transfer any unused nil rate band


UK property taxes are highest in developed world, says OECD - January 23, 2017
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New analysis from the Organisation for Economic Co-operation and Development (OECD) has revealed that property taxes in the UK are higher than any other developed country. In 2014, the latest year for which data is available, property taxes accounted for 12.7 per cent of the total tax burden. This figure was up 0.3 percentage points … Continue reading UK property taxes are highest in developed world, says OECD


Stamp Duty Land Tax receipts hit record levels - January 23, 2017
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Figures released by HM Revenue & Customs (HMRC) last month revealed a record Stamp Duty Land Tax (SDLT) take of £7.7bn in the first eight months of this financial year. The figure represents a 12 per cent increase on the same period in the previous year and comes despite a 10 per cent fall in … Continue reading Stamp Duty Land Tax receipts hit record levels


Treasury coffers boosted by around £400m following HMRC crackdown - January 23, 2017
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The Treasury’s coffers were boosted by nearly £400m in 2016, following a crackdown by HM Revenue & Customs (HMRC) on tax avoidance. The amount collected by the HMRC Counter Avoidance Directorate shot up by 80 per cent last year from £494m to £886m. Cracking down on tax avoidance has increasingly become a priority for the … Continue reading Treasury coffers boosted by around £400m following HMRC crackdown


ARA sector could see windfall from Inheritance Tax changes - January 23, 2017
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Inheritance Tax (IHT) changes could bring better fortune to farmers and their families later this year. New rules, due to take effect in April, will result in new nil-rate IHT band levels. The new rules, which apply to farmhouses that are left to lineal descendants, could create more opportunities for new entrants into the agriculture … Continue reading ARA sector could see windfall from Inheritance Tax changes


Study reveals Inheritance Tax ignorance - December 7, 2016
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New research has revealed a lack of awareness regarding Inheritance Tax (IHT) rules across the UK. Research from insurance company, Canada Life, has revealed that more than half of adults surveyed were unaware that IHT is levied at a rate of 40 per cent in the UK. Almost a quarter (24 per cent) of respondents … Continue reading Study reveals Inheritance Tax ignorance


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